subject: The Basics Of Life Insurance For Seniors [print this page] As an older worker or near-retiree, the importance of setting up safeguards such as buying life insurance for seniors becomes even more important to your retirement planning strategy. If you are a single worker who has reached middle age or older, and you still do not have life insurance, you have to start researching on the policy that is best for you; one that you have to purchase from a reliable insurance provider. If you are married with kids and nearing retirement, a good life insurance plan becomes even more integral to the success of your retirement planning so that your family will be taken care of when you pass on. There are numerous types of life insurance coverage available to you, but before you sign up and start paying premiums, it is important that you know about the various types of plans and what each plan provides.
Whole Life Insurance
When it comes down to coverage, whole life insurance policies can be the best purchase for the senior planholder. If you want coverage for the rest of your life, this is the option for you. These plans, also called permanent life insurance, are effective for the rest of the life of the planholder. The premium payments for this kind of insurance coverage are usually made per year.
There are different kinds of whole life insurance policies, including single premium policies, indeterminate premium policies, non-participating policies, and limited-pay policies. These provide varying degrees of coverage at different costs, so look these up or consult with an insurance agent from a reputable provider to know more about what plan you should purchase based on your coverage needs, financial capabilities, age, and other factors.
In comparison to whole or permanent life insurance, term life insurance only covers the planholder for a set period of time as agreed upon in the insurance contract. Although the policy provides limited coverage compared to whole life insurance, it is less expensive and more commonly purchased than the latter. This type of coverage is popularly used to provide benefits to beneficiaries as determined by the policy holder, with said beneficiaries receiving the payout upon the death of the insured. In case the coverage duration ends while the insured individual is still alive, he or she has to purchase another insurance policy to retain coverage.
If you are in the market for insurance coverage, you may need the help of an investment advisor, in addition to an insurance agent or broker. Professional advice may be necessary because life insurance for seniors who are unfamiliar with this kind of coverage may be difficult to find because of the number of providers and policies available today.
by: Katherine Smith
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